Canadian Investment In Home Construction Is Officially In Correction Territory
Canadian home building is near record activity, but it appears it’s hard to keep finding new money. Statistics Canada (Stat Can) data shows investment in building construction fell in August. The decline marked the fourth consecutive month, and it was due entirely to housing. Residential building construction investment dropped so fast, it’s now technically a correction.
Canadian Building Construction Fell For The Fourth Month In A Row
Canadian building construction edged lower once again. Seasonally adjusted building construction investment fell to $17.7 billion in August. This is down 2.0% compared to a month before, a substantial single-month drop. Stat Can estimates this is $12.7 billion when adjusted for inflation, with a 2.6% decline over the same period. A lot in that paragraph, but it’s hard not to focus on how …
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